MIDDAY UPDATE

Markets are trading lower but are still above recent areas of support. SPX -9 at 884, NAZ 3 and DJIA 50.

Strongest sectors -ags, trannies, internets and tech while energy, real estate, banks and materials lag.

NYSE- 650 net losers;

NAZ- 400 net losers;

NDX- 46 GREEN;

RUT 2K - 700 net losers;

VIX - higher by 2.4% at 32.1;

TRIN- 1.95 with down volume about 3x the up;

Markets are weakening this afternoon as the news of more dealership closings sinks in with the bulls. Interesting action as GS MS XBD are flat to up while real estate and energy are getting torched.

RSI - (2) levels -

SPX 25

NAZ 42

NDX 48

DJIA 26

RUT 2K 31

So looking to sell my QLD into any decent pop this afternoon and if no pop will trail the stop to the recent lows- but expecting the pop - and then going to the beach.